Ukrainian mining and steel producing group Metinvest has announced its financial results for the first nine months of the current year.
In the given period, Metinvest’s consolidated revenues decreased by 15 percent year on year to $4.56 billion. This was primarily due to lower selling prices of steel, iron ore and coal products, which fell to their lowest level over the last 10 years in the first quarter this year. Since then, prices have recovered to some extent but have remained volatile. In addition, weak demand in key markets caused sales volumes of flat products, pipes, coke and pellets to drop. In the same period, the metallurgical division accounted for 81 percent of external sales, while the mining division accounted for 19 percent.
Metinvest’s consolidated EBITDA increased by 21 percent year on year to $989 million in the January-September period of this year, while its adjusted EBITDA margin in the given period this year was 22 percent compared to the 15 percent recorded in the corresponding period of the previous year.